Connect with us

Tech

What’s the truth behind cryptocurrencies aiding terror financing?

Published

1 year ago

on

Cryptocurrency’s role in terror financing and funding militant groups has come under renewed scrutiny following a deadly attack in Israel by Palestinian Hamas.

Israel has seized crypto accounts it says are allegedly linked to Hamas. US lawmakers have urged the government to crack down on the use of cryptocurrencies by Hamas and its affiliates.

Cryptocurrencies have gained attention for their potential use in illicit finance due to several factors. 

Firstly, setting up a cryptocurrency wallet address is relatively easy, and it often doesn’t require the same identity verification checks as traditional bank accounts. 

This pseudonymous nature allows individuals to send and receive cryptocurrency without revealing their true identity.

Another key factor is the global and borderless nature of blockchain technology, which underpins cryptocurrencies. Transactions can occur digitally across international borders, making it an attractive option for moving funds quickly. 

Furthermore, cryptocurrencies are subject to less specific regulation than traditional finance, although regulatory measures are being introduced in some regions.

The Financial Action Task Force (FATF), a global body responsible for combating money laundering and terrorist financing, has expressed concerns that cryptocurrencies could become a safe haven for illicit financial transactions.

While cryptocurrencies offer a degree of privacy, transactions on blockchain networks are permanently recorded and publicly visible. 

This means that while it may be challenging for outsiders to identify the parties involved in a transaction, blockchain analytics firms have developed tools to track funds and transactions. 

To link these flows to specific individuals or groups, researchers typically rely on information not directly recorded by the blockchain, such as customer data from cryptocurrency exchanges.

Crypto mixers and the movement of funds through various exchanges can further obscure the trail of funds, making it difficult to trace the source and destination of cryptocurrencies.

The exact extent of cryptocurrency use in terrorist financing remains uncertain. Experts suggest that while some militant groups have employed cryptocurrencies, they constitute a relatively small portion of their overall funding. 

A United Nations official mentioned that a few years ago, around 5% of terrorist attacks were considered to be financed by cryptocurrencies, with the potential for this figure to rise to 20%. 

However, the vast majority of terrorist financing still relies on traditional financial methods.

Terrorist financing is just one facet of illicit activities involving cryptocurrencies. Scams, ransomware attacks, and theft constitute a significant portion of cryptocurrency-related crimes. 

In 2022, cryptocurrency crime reached a record $20.1 billion, with cyberattacks contributing substantially to this figure. 

Cryptocurrency theft via cyberattacks is also reported as a source of funding for North Korea, according to UN reports. 

Some banks in the UK have taken measures to restrict customer access to cryptocurrencies due to a surge in crypto-related scams.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Unlawful VPNs: Terrorists Utilize Unregistered VPNs to Disseminate Propaganda

Published

1 day ago

on

By

Terrorists utilize illicit VPNs to disseminate propaganda and misinformation while concealing their identities.

Several accounts have been uncovered and are under investigation.

The cessation of non-registered VPNs is crucial for the nation’s economy.

The PTA is blocking illegal URLs and websites disseminating objectionable material upon verification.

Forensic investigations of websites have yielded startling results.

Disseminating erroneous information is more facile using unregistered VPNs.

Terrorists were exploiting these unverified VPNs.

Continue Reading

Latest News

Air University Holds A Revolutionary Event For Students Focusing On Cybersecurity

Published

1 day ago

on

By

Air Marshal (R) Asad Lodhi has praised the Pakistan Cyber Security Challenge, an initiative by the Air University and Higher Education Commission that aims to train future cyber security experts and pioneers. At the opening ceremony of the two-day Pakistan Cyber Security Challenge, which took place at Air University in Islamabad, he was the chief guest.
Showdown challenges, the Ideas Cup, and the Pakistan Crypt Challenge are all part of the Pakistan Cyber Security Challenge, which lasts for two days.

Air Marshal (R) Abdul Moeed Khan, VC of Air University, made a speech praising the cyber security abilities of Pakistani youth, saying that they are among the best in the world and will help the country face cyber threats. A haven for cyber security excellence, he said, Pakistan Cyber Security Challenge 2024. Additionally, he praised the Air University for its innovative and outstanding work in this area.
At the inaugural ceremony of the Pakistan Cyber Security Challenge, Dr. Zia Ul Qayyum, executive director of the Higher Education Commission, also spoke to the crowd. He discussed how HEC has created a welcoming atmosphere and helped facilitate projects such as the Pakistan Cyber Security Challenge.
As part of the inauguration event, an MoU was also signed. Guests and participants were given souvenirs as the opening ceremony came to a close.

Continue Reading

Latest News

How to turn on low-light mode on WhatsApp for better video calls

Published

1 day ago

on

By

The Meta-owned messaging platform WhatsApp has launched a new feature designed to facilitate video calls in low-light environments.

Frequent users of WhatsApp for video calls with loved ones may appreciate the recently launched low-light mode.

The function enhances video call clarity in low-light conditions, facilitating more effective connections regardless of location.

Are you inclined to experiment with it? Here is a comprehensive guide on employing low-light mode to enhance video quality during WhatsApp calls.

A sequential instructional manual

Step 1: Open WhatsApp on your device.

Step 2: Commence a video call with any family member or acquaintance.

Step 3: Observe the bulb icon positioned at the top-right corner of your screen.

Step 4: Select the bulb icon to activate it. To deactivate it, you click on the icon once more.

Your friends and family will now perceive you more distinctly due to improved visibility and less graininess, regardless of the surrounding lighting circumstances. This feature is presently accessible solely on Android and iOS devices, and not on Windows.

Furthermore, explore: Methods to categorise WhatsApp conversations using personalised lists: A sequential instructional manual.

Key considerations to retain

As this is a provisional configuration, it must be activated with each call you make.

In addition to the low-light mode, WhatsApp provides several additional intriguing features for video calls, such as background removal, filters, and enhancement options.

Background removal: The background remover function allows you to alter your backdrop during video conferences.

Filters: This functionality enables you to apply a filter from a selection during video calls with friends and family, enhancing the vibrancy of your interactions.

WhatsApp offers a fundamental touch-up feature to improve your appearance during video talks.

Continue Reading

Trending